Explain the different forms of 'regional economic groupings' giving suitable examples.

Regional economic groupings refer to the collaboration between countries within a specific region to achieve economic benefits through trade liberalization, shared resources, and policy coordination. These groupings often aim to promote economic integration, improve competitiveness, and enhance the bargaining power of member states in global markets. There are several forms of regional economic groupings, each varying in terms of the level of integration and objectives. The primary types of regional economic groupings include Free Trade Areas (FTAs), Customs Unions, Common Markets, Economic Unions, and Monetary Unions. 

### Free Trade Area (FTA)

A Free Trade Area is one of the simplest forms of regional economic integration. It is an agreement between countries to eliminate tariffs, quotas, and other barriers to trade among them, but each country retains its own external trade policies with countries outside the region. The main goal is to boost trade among member states by reducing or eliminating trade barriers, thus allowing businesses to access a larger market for their goods and services.

One prominent example of a Free Trade Area is the North American Free Trade Agreement (NAFTA), which was signed between Canada, the United States, and Mexico in 1994. NAFTA facilitated the elimination of tariffs on most goods traded between the three countries, increasing trade and investment flows within the region. Another example is the Association of Southeast Asian Nations Free Trade Area (ASEAN FTA), which has significantly reduced trade barriers between Southeast Asian countries, promoting economic growth in the region.

### Customs Union

A Customs Union goes a step further than a Free Trade Area by establishing a common external tariff (CET) on goods imported from countries outside the region. This means that while the member __________ _______ _______ ______ ____ _____ ____.
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